Pin-based payment confirmation

Abstract

The present disclosure involves a method of operating a payment platform. The method includes receiving a request to authenticate a first party from a second party. The method includes determining whether the first party has an account with the payment platform and a communications device associated with the account. The method includes generating a secret code in response to the determining. The method includes sending the secret code to the communications device of the first party. The method includes prompting the first party to input the secret code. The method includes authenticating the first party based on the input from the first party.

Description

CLAIM OF PRIORITY[0001]This application is a continuation of U.S. patent application Ser. No. 13 / 032,741, filed on Feb. 23, 2011, entitled “Pin-Based Payment Confirmation”, the disclosure of which is hereby incorporated by reference in its entirety.BACKGROUND[0002]Technical Field[0003]The present invention generally relates to facilitating electronic commerce over a network and, more particularly, to reducing fraud risks for online purchasing transactions.[0004]Related Art[0005]Online transaction are becoming more and more prevalent, with an ever-increasing number of online merchants and online payment mechanisms. The increase is due partly to the ease and convenience of making a purchase online instead of physically at a store. Unfortunately, the popularity of online transactions has also led to an increase in online fraud. activities. For example, a person may illegally obtain access to a victim's online account(s), and may attempt to purchase goods from the victim's account(s). T...

AI Technical Summary

Benefits of technology

This patent is related to a method, apparatus, and system for authentication in electronic payment processing. The technical effects of this patent include improved security and authentication processes through the use of a secret code which is dynamically and randomly generated and sent to the buyer's communications device for input. This method ensures that only the correct buyer is authenticated, and prevents unauthorized access to the electronic payment processing system.

Problems solved by technology

Unfortunately, the popularity of online transactions has also led to an increase in online fraud. activities.

To combat online fraud, various forms of fraud-reduction mechanisms have been implemented, but they may still suffer from shortcomings such as lengthy delays, confusing user interaction, and / or reliance on complicated algorithms.

Therefore, while existing online fraud-reduction mechanisms have been generally adequate for their intended purposes, they have not been entirely satisfactory in every aspect.

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